2025 年 08 月 27 日 海轨交维保+出海双线提速，新能源零部件产业 化构筑新增长极 买入(首次) 事件 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-08-27 | | --- | --- | | 当前股价（元） | 7.34 | | 总市值（亿元） | 64 | | 总股本（百万股） | 868 | | 流通股本（百万股） | 846 | | 52 周价格范围（元） | 5.01-7.56 | | 日均成交额（百万元） | 100.48 | 市场表现 -10 0 10 20 30 40 50 60 (%) 康尼机电 沪深300 资料来源：Wind，华鑫证券研究 相关研究 —康尼机电（603111.SH）公司事件点评报告 康尼机电于 2025 年 8 月 23 日发布 2025 年半年度报告，2025 年上半年实现营业收入 20.17 亿元，比 2024 年同期增长 25.27%；实现归母净利润 1.55 亿元，同比增长 41.74%；实 现扣非归母净利润 1.40 亿元，同比增长 57.28%。 投资要点 ▌维保+海外业务双轮驱动，订 ...

据证券之星公开数据整理，近期康尼机电（603111）发布2025年中报。截至本报告期末，公司营业总收 入20.17亿元，同比上升25.27%，归母净利润1.55亿元，同比上升41.74%。按单季度数据看，第二季度 营业总收入11.46亿元，同比上升29.46%，第二季度归母净利润1.04亿元，同比上升60.64%。本报告期 康尼机电公司应收账款体量较大，当期应收账款占最新年报归母净利润比达544.7%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率29.57%，同比减3.37%，净利率8.14%，同比增 14.55%，销售费用、管理费用、财务费用总计2.34亿元，三费占营收比11.59%，同比减18.04%，每股净 资产4.45元，同比增9.99%，每股经营性现金流0.37元，同比增679.16%，每股收益0.18元，同比增50.0% | 康尼机电 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.1亿 | 20.17 乙 | 25.27% | | 归母净利润(元) | ...

证券日报网讯 8月22日晚间，康尼机电发布公告称，2025年半年度公司实现营业收入2，017，019， 165.94元，同比增长25.27%；归属于上市公司股东的净利润为154，855，985.08元，同比增长41.74%。 （编辑 何成浩） ...

公司代码：603111 公司简称：康尼机电 南京康尼机电股份有限公司 2025 年半年度报告 1 / 159 南京康尼机电股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 南京康尼机电股份有限公司2025 年半年度报告 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈磊、主管会计工作负责人顾美华及会计机构负责人（会计主管人员）何金珠 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 □适用 √不适用 2 / 159 | 第一节 | 释义 | 4 | | --- | --- | --- | | 第二节 | ...

格隆汇8月22日丨康尼机电(603111.SH)公布半年度报告，报告期内，公司实现营业收入201,701.92万 元，较上年同期增加40,688.20万元，增幅25.27%，其中轨道主业实现营业收入140,104.58万元，较上年 同期增长32,071.40万元，增幅为29.69%，主要系本期安全门业务及高铁业务交付增加；新能源汽车零 部件实现营业收入39,999.96万元，较上年同期增加5,188.03万元，增幅14.90%。实现归属于母公司股东 的净利润为15,485.60万元，较上年同期增长41.74%，扣除非经常性损益，实现归属于母公司股东的净 利润为14,048.44万元，较上年同期增长57.28%；归属于母公司所有者权益金额386,558.39万元，较上年 末减少1.31%，主要系本期公司宣告派发2024年年度现金红利2.12亿元。 ...

Core Viewpoint - The announcement of the second batch of high-speed train procurement by China Railway Group on August 19, 2025, exceeded expectations, indicating strong demand for new trains driven by robust passenger traffic growth and an upcoming peak in operational mileage [1][2][3]. Group 1: Train Procurement and Demand - The second batch of procurement includes 210 sets of high-speed trains, comprising 108 standard sets, 30 cold-resistant sets, and 72 high-capacity sets [2]. - Year-to-date, China Railway Group has tendered a total of 278 high-speed train sets, surpassing last year's total of 265.5 sets, reflecting continued growth in demand [3]. - The railway infrastructure investment target for 2025 is set at 590 billion yuan, with an aim to complete 2,600 kilometers of new lines, suggesting sustained high levels of fixed asset investment in the railway sector [3]. Group 2: Railway Freight and Locomotive Updates - From January to July, the national railway transported 2.331 billion tons of goods, marking a 3.3% year-on-year increase, indicating stable growth in freight transport [4]. - The total number of locomotives in China is projected to be 22,500 by 2024, with approximately 4,000 old diesel locomotives expected to be replaced by new energy locomotives before 2027 [4]. - In 2023, China Railway Group has procured 455 locomotives, a 26.39% increase year-on-year, with the highest procurement of diesel locomotives in recent years due to the need for replacing outdated models [4]. Group 3: Investment Recommendations - The railway industry is expected to maintain high levels of activity, with continued strong demand for new train sets and maintenance services, supporting steady growth in the performance of railway equipment companies [5]. - Recommended stocks include China CNR Corporation (601766), Times Electric (688187), and others, indicating a positive outlook for the sector [5].

Summary of Key Points Core Viewpoint - The 2024 A-share Secretary Data Report indicates that the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 707,000 yuan, highlighting the significant role of secretaries in connecting investors and listed companies [1]. Salary Overview - The average salary of secretaries in the mechanical equipment-rail transit equipment II industry is approximately 727,300 yuan, with the highest salary being 1.594 million yuan for Chen Lei from Kanni Electric [1]. - The average salary in 2024 decreased by 40,300 yuan compared to 2023 [1]. - Wang Jian from CRRC received a salary of 1.074 million yuan in 2024, a decrease of 1.1492 million yuan from 2.2232 million yuan in 2023, representing a decline of 52% [1]. Age Structure - The average age of secretaries is approximately 44.19 years, with the majority (52%) aged between 40-49 years [1]. - The oldest secretary is Li Lianqing from China Communication Signal, aged 55, with a salary of 733,300 yuan in 2024 [1]. Educational Background - The distribution of educational qualifications among secretaries includes 2 PhDs, 13 Master's degrees, 10 Bachelor's degrees, and 2 with associate degrees, with average salaries of 826,300 yuan, 788,200 yuan, 574,400 yuan, and 997,000 yuan respectively [1]. Compliance Issues - There are 2 secretaries in the industry who received warnings or public notifications for violations in 2024-2025 [2]. - Zhang Kan from Jiuzhou Yitu received 2 warnings for inaccuracies in performance forecasts and reports, with a salary of 919,300 yuan in 2024 [2].

Core Insights - The Ministry of Industry and Information Technology has announced the first batch of high-level quality management capability enterprises, with 43 companies nationwide and 7 from Jiangsu province, including Nanjing NARI Technology Co., Ltd. and Nanjing Konka Electromechanical Co., Ltd. [1] - NARI Technology has achieved the highest national level of "prevention level," being one of only two companies nationwide to receive this recognition, and the only one in Jiangsu province [1] - NARI Technology has implemented a comprehensive data platform that enhances quality performance across all business areas, resulting in significant improvements in production efficiency and quality metrics [1][2] Company Performance - Over the past five years, NARI Technology has doubled its production while reducing its workforce by 3.2%, decreasing human error rates by 90%, and lowering quality loss rates to 0.186% [1] - The first-pass acceptance rate for products has increased to 98.9%, and the company has been recognized as a national-level intelligent manufacturing demonstration factory [1] - NARI Technology's product quality consistently ranks first among mainstream manufacturers in the industry [1] Collaborative Efforts - NARI Technology has established an integrated collaborative management system for the supply chain, sharing digital transformation experiences with peers, suppliers, and users [2] - As of now, 11 upstream companies have achieved 100% information system interconnectivity, and over 80 core suppliers share product lifecycle quality information, enhancing overall decision-making efficiency by 30% [2] Recognition and Awards - NARI Technology has received multiple accolades, including the "Outstanding Contribution Award in Jiangsu Manufacturing" and "Provincial Leading Manufacturing Enterprise" [2] - The company has been recognized as a national manufacturing single champion twice and is the first in the industry to pass assessments for intelligent manufacturing maturity and digital transformation [2] Innovation and Intellectual Property - Nanjing Konka Electromechanical Co., Ltd. focuses on core technology research and application in electromechanical fields, with a diversified business model centered on rail transit products, new energy vehicle components, and smart health products [2][3] - The company is a leading entity in formulating national standards for urban rail vehicle side doors and holds over 1,300 valid patents, including 300 invention patents [3] - The company has also registered over 200 software copyrights, with its core invention patents receiving multiple "China Patent Excellence Awards" [3] Future Directions - The municipal industry and information technology bureau plans to continue promoting excellence in manufacturing quality, encouraging more outstanding enterprises to participate in quality management capability evaluations [3]

Group 1 - The stock price of Kanni Electric is reported at 6.36 yuan, down 2.00% from the previous trading day, with a trading volume of 86,078 hands and a transaction amount of 0.55 billion yuan [1] - Kanni Electric's main business includes the research, manufacturing, and sales of rail transit door systems, primarily used in urban rail transit vehicles and railway passenger cars, and also involves new energy vehicle components [1] - The company announced the return of 670,000 shares by Liu Xiaohui, with 770,000 yuan in cash dividends used to offset compensation losses [1] Group 2 - The company disclosed the progress of a securities false statement liability dispute, with a first-instance judgment requiring the company to bear compensation losses and case acceptance fees totaling 33.0931 million yuan, with related intermediary agencies bearing joint liability [1] - As of July 31, Kanni Electric experienced a net outflow of main funds amounting to 12.9532 million yuan, accounting for 0.24% of its circulating market value [1]

南京康尼机电股份有限公司 关于收到相关诉讼赔偿款项的公告 证券代码：603111 证券简称：康尼机电 公告编号：2025-036 2024 年 8 月，公司收到司法执行刘晓辉持有的部分康尼机电股票 671,293 股。具体内容详见公司于 2024 年 8 月 28 日发布的《关于收到相关司法执行股票 及注销实施的公告》（公告编号：2024-038）。 近日，公司根据相关法律规定，向刘晓辉送达了债务抵销通知书，该通知书 已被其签收并生效，将其获得的 2024 年度现金分红 765,250.75 元，用于抵偿其 应向公司赔偿的上述损失。对于剩余未退还部分，公司仍将密切关注并积极配合 法院执行追偿，并按照相关法律法规及时履行信息披露义务。 公司指定的信息披露媒体为《中国证券报》《上海证券报》《证券时报》《证 券日报》及上海证券交易所网站，公司所有信息均以公司在上述媒体刊登的公告 为准。敬请投资者关注，注意投资风险。 特此公告。 南京康尼机电股份有限公司董事会 二〇二五年八月一日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ...